China s leading real estate firms have reported nearly $3 billion in foreign exchange losses for the first half of the year, mainly due to the depreciation of the yuan against the US dollar. This has further complicated their efforts to repay growing debts. The net foreign exchange losses for 24 of the top 30 Chinese developers totaled $2.75 billion. The weak yuan is seen as a result of increased liquidity and is adding to the financial burden for companies highly exposed to dollar debts.
Like many others, Fei Liu found work last year in the huge new industry supporting China's fight to suppress COVID-19. But with Beijing abandoning it's COVID-zero policy, those jobs are rapidly disappearing.
COVID-19 policy U-turn leaves workers in China's massive testing industry in the lurch - 13-Jan-2023 nzcity.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzcity.co.nz Daily Mail and Mail on Sunday newspapers.
COVID-19 policy U-turn leaves workers in China's massive testing industry in the lurch - 13-Jan-2023 nzcity.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzcity.co.nz Daily Mail and Mail on Sunday newspapers.